economy
February 18, 2026
Chris Wright: Venezuela Could Increase Oil Production by 40 Percent in 2026
PARIS - Venezuela could increase oil production by 30 to 40 percent this year, U.S. Secretary of Energy Chris Wright said today, noting that there is great interest among international companies in investing in the South American country.
TL;DR
- Venezuela's oil production could rise by 30-40% in 2026.
- This increase would represent 300,000 to 400,000 barrels per day.
- The U.S. administration has approved licenses for Western energy firms to operate in Venezuela.
- The goal is to revive Venezuela's oil industry, which declined after U.S. financial sanctions in 2017.
- Venezuelan oil production fell by approximately 50% after sanctions.
- International companies, including ConocoPhillips, are exploring debt-for-equity arrangements.
- This production boost could stabilize global oil supply and ease energy prices.
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